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A credit card statement goes from April 1 to April 30. The starting balance carried over from the previous month is $212.35. New purchases for this statement are $73.14 on April 10 and $114.98 on April 20. The annual rate of interest for this credit card is 22%
a) What is the periodic interest rate for this month?
b) What is the average daily balance? (Be sure to show your steps in calculating this.)
c) What is the finance charge for this statement?
d) What is the ending balance for this statement?
e) If this statement is paid in full what will be the interest rate charged in May for new purchases?
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